AN ACT TO IMPROVE ACCESS TO CERTAIN ASSETS OF THE SWAIN COUNTY SETTLEMENT TRUST FUND BY THE BOARD OF COMMISSIONERS OF SWAIN COUNTY.
Senate committee substitute to the 1st edition deletes the previous edition and replaces it with the following.
Amends GS 147-69.6, concerning the Swain County Settlement Trust Fund (Fund) as follows. Sets the initial balance of the Fund at $52 million. No longer requires the State Treasurer to consult with the Swain County Board of Commissioners (Board of Commissioners) in setting the schedule for disbursement to Swain County (County) of amounts requested by the Board of Commissioners pursuant to a majority vote. Provides that the disbursements to the County must not be made from the initial balance of the Fund and prohibits disbursements from occurring more than once per quarter. Deletes existing provisions governing the amount of disbursements in a fiscal year and suggestions on the amount of interest and investment income to be reinvested in the Fund. Prohibits any portion of the initial balance (was, principal balance) of the Fund from being used by the County without a request by the Board of Commissioners accompanied by a certification that two-thirds of the registered voters of the County voted in favor of the disbursement and subsequent expenditure of the amount requested. Makes conforming changes. Requires that funds disbursed to the County be managed by the County in accordance with the Local Government Budget and Fiscal Control Act, as amended (was, as amended from time to time). Prohibits any part of the initial balance (was, principal balance) or any interest or other income earned on that initial balance from being paid to or received by any agent or attorney on account of services rendered in connection with negotiating the settlement agreement between the County and the US Department of Interior or obtaining the monetary settlement from the United States. Effective October 1, 2019.
Makes conforming changes to the act's titles.
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